OpenFX, a fintech startup specializing in foreign exchange and remittances, has raised $94 million in a Series A funding round.
The investment will support liquidity growth, geographic expansion, and operations in Southeast Asia and Latin America. Current markets include the U.S., U.K., UAE, and India.
Founder Prabhakar Reddy launched OpenFX in 2024 to modernize outdated global FX infrastructure. The company claims 90% of transactions settle within 60 minutes using its single liquidity network.
Pricing ranges from 0.01% to 0.3%, with 24/7 service availability. Previous investors include Accel, Lightspeed Faction, and Pantera.
Stablecoins are gaining traction as corporate payment tools. Ripple CEO Brad Garlinghouse called them crypto's 'ChatGPT moment.' Annual stablecoin transaction volumes are projected to reach $56 trillion by 2030.
Regulatory divergence across regions, however, poses challenges for widespread adoption.